04-10-2014 Special MeetingSPECIAL MEETING OF THE ISLE OF WIGHT COUNTY BOARD OF
SUPERVISORS HELD THE TENTH DAY OF APRIL IN THE YEAR
TWO THOUSAND AND FOURTEEN AT 10:00 A.M. IN THE ROBERT C.
CLAUD, SR. BOARD ROOM OF THE ISLE OF WIGHT COUNTY
COURTHOUSE
PRESENT: Byron B. Bailey, Chairman, Newport District
Rex W. Alphin, Vice -Chairman, Carrsville District
Delores C. Darden, Windsor District
Alan E. Casteen, Smithfield District
Rudolph Jefferson, Hardy District
Also Attending: Mark C. Popovich, County Attorney
Anne F. Seward, County Administrator
Carey Mills Storm, Clerk
At 10:00 a.m., the work session was called to order by Chairman Bailey
for the purpose of receiving an independent financial review of the Fiscal
Year 2015 Budget and potential for debt restructuring from Jimmy Sanderson
with Davenport & Company.
Mr. Sanderson advised that the County will incur a $3.9 million deficit
in FY2014 that will increase to $7.9 million in the FY2015 budget. He
briefed the Board regarding staffs three (3) year plan which recommends a
$.12 increase in the real estate tax and draws $3.2 million from the Fund
Balance in the first year, $1.6 million in the second year and nothing in the
third year. He reviewed the County's four (4) main financial policies and
best practices, its credit rating history and its existing debt profile. He
recommended that the County restructure its debt and certain bonds were
identified in order to achieve the best savings over the next few years. He
advised that the County needs to maintain its strong investment grade credit
ratings in FY2015 to 2018 and ensure that the County has some debt capacity
in the future. He advised that negative reactions from credit markets and
rating agencies are anticipated as a result of the County drawing down on its
Fund Balance and that concern has been expressed by the rating agencies
regarding a deficit in FY2014.
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Frank A. Haltom, Director of General Services, briefed the Board
regarding cost saving objectives to be undertaken in FY2015 in response to
new proposed operating hours at the County's convenience centers.
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The Board took a five (5) minute break.
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County Administrator Seward advised that a statistical digest of the
County's previous years' trends is being developed by staff for reference by
the Board during the next budget cycle. She advised the Board that the
County's Ordinance approving the County's budget will contain
authorization of lease financing of new and replacement equipment; the
rollover of encumbered funds up to $50 million; and, will require that all
funds appropriated for public schools which are unexpended at year end shall
revert back to the County; amends the language and various County codes;
contains a fee schedule for motor vehicles, EMS and ALS calls; water and
sewer adjustments; planning and zoning fee adjustments; Stormwater and
recommended fee adjustments for Stormwater permitting fees, adjustments to
parks and recreation fees and a recommendation by the Treasurer regarding a
three (3) year license for animals; and, will repeal the partial exemption of
solar energy and recycling equipment. She concluded with a timeline of the
deliberation process as outlined in a budget development calendar.
Supervisor Alphin requested the Board be provided with benchmark
figures for the Schools.
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At 11:30 a.m., the meeting was adjourngyr"
Chairman Bailey.
B. Bailey, Chairm
Carey ills Storm, Clerk
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